“¢ Investors looked past today’s UK manufacturing PMI print for July. “¢ USD fails to build on early up-move and helps gain positive traction. “¢ Traders eye US data/FOMC decision for some impetus ahead of BoE. The GBP/USD pair continued with its steady climb through the mid-European session and has now recovered around 35-40 pips from sub-1.3100 level. After a rather muted reaction to today’s slightly disappointing UK manufacturing PMI, coming in at a three month low levle of 54.0 for July, the pair gained some positive traction and is currently placed at fresh session tops, around the 1.3135-40 region. Despite a goodish pickup in the US Treasury bond yields, the US Dollar struggled to build on the early uptick and was seen as one of the key factors lending some support to the major, amid prospects for an eventual BoE rate hike move on Thursday. Moving ahead, traders now look forward to the US economic docket, highlighting the release of ADP report on private sector employment and ISM manufacturing PMI, for some short-term impetus ahead of the key FOMC monetary policy decision. Technical Analysis Meanwhile, today’s up-move could also be attributed to some technical buying from a short-term ascending trend-line, acting as a neckline support of the bearish head & shoulders chart pattern formation on the 4-hourly chart. Hence, the pair needs to decisively break through the 1.3150-60 supply zone before traders start positioning for any further appreciating move ahead of the highly anticipated BoE Super Thursday. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US: Expect a sharp decline in total light vehicle sales in July – Nomura FX Street 5 years "¢ Investors looked past today's UK manufacturing PMI print for July. "¢ USD fails to build on early up-move and helps gain positive traction. "¢ Traders eye US data/FOMC decision for some impetus ahead of BoE. The GBP/USD pair continued with its steady climb through the mid-European session and has now recovered around 35-40 pips from sub-1.3100 level. After a rather muted reaction to today's slightly disappointing UK manufacturing PMI, coming in at a three month low levle of 54.0 for July, the pair gained some positive traction and is currently placed at fresh… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
